>> even when russia was controlled by the soviet union, you cannot destroy that instant, the capitalist instincts. of course, i'm just wondering how many fakes were going to be seeing in the market. sandra: okay, moving on, sometimes you have to spend money to save money. at least if you are the city of baltimore, maryland. the city paid outside consultants. this is crazy. $585,000 on how to save money. maybe they should start by not hiring consultants to tell them how to save money. what do you guys think about? >> yes, mitigations have spent on something stupid like this. >> when you are spending other people's money, you don't care how it's spent. a classic example when donald trump took over the city project

in new york to make an ice skating rink in central park. it's been two or three years that they spent overbudget, but then donald trump took it over, six months is all it took, under budget and in a less amount of time. let the private sector handle it. sandra: although sometimes it makes sense. if you're going for an interview, spend the money on a new suit. >> is a private person, yes, as a government, known. it will turn out that the guy who ran the agency, it's always connected the on thank you for joining us. that's all we have for "money." "the willis report" is coming up next. gerri: hello, everybody, i am gerri willis. tonight on "the willis report", no urgency in washington as

1 trillion-dollar concussion is just around the corner. and one of the biggest tax in obamacare and it's about to head. thousands of dollars more a year for your health insurance. and gas prices are now up for 32 days straight. there is plenty of supply, but why are prices soaring? "the willis report" is on the case. gerri: we will have all of that and more coming up. first, our top story tonight. more and more likely that across-the-board spending cuts will happen in washington. ten days away from the so-called sequester. our elected officials are working on the problem, actually, they are not, they are taking time off. they left town with no clear idea on how to fix this mess. even president obama, who spent this weekend working on his golf

swing with tiger woods, he even managed the next around today. he is on his way home with no solution. remember, the sequester was his idea. the effects on the economy is clear. the economic recovery is being held back by washington. goldman sachs chief u.s. economist out with a new report, saying that the economy will continue to go well below its potential. most consumers probably weren't aware of the hit to their disposable income until they receive their mid-january paycheck. one republican pollster in a new report rights that we have entered a new phase for the dysfunction and paralysis in washington is having a significant impact on how consumers feel about the overall state of the economy and their personal financial situation. the drop in consumer confidence, he says, is directly related to a lack of competence in our current political leaders. consumer confidence has taken a

hit, a big one since post-world war ii history. already there is evidence of a slowdown in consumer spending. reports that wal-mart had its worst start to its month in seven years. the payroll tax hikes may be starting to bite. gas prices are up 51 cents in the last two months. prices are up every single day since the middle of january. it is already over $5 in parts of the country. there is a lot to talk about. the stock market hitting new highs, the dow jones a few points away from 14,000, but the federal reserve free money is driving much of that. remember, we have barely made the losses back of the past five years. the solution from the white house is more spending. the president in his state of the union address called for more spending on construction. the same shovel ready jobs even he admitted did not work. influential market busted president obama's policy. saying if we do what the white

house wants, we are headed for total economic collapse just like the country of greece. and the u.s., in 22 years could be in worse shape than greece is today. hiking taxes won't get us out of the mess either. washington needs to stop thinking that it is the solution and start realizing it is a problem. for more on this, i want to bring in my panel. thank you both for being here. what we are talking about at the end of the day is $1.2 trillion in spending cuts over 10 years. the administration has been complaining about this for a week now, what it will mean for the middle class. yes, the president is out playing golf. what do you make of that? >> one thing about the sequester that we should notice is that it's really -- 2.4% of federal spending this year, $85 billion

and 1.2 trillion over the next 10 years. 2.4% is nothing. it will not send the markets down. but the way the sequester to set up, it targets very popular and vital programs, like defense and health safety. gerri: let's turn to stanley for a second. would he make of these cuts? you have described them as two tenths of our spending cuts over the next five years. yet the president painted as if it were, you know, life and death. would he make of it? >> every single spendinggcuts with obama is one too many. [laughter] they are in charge of choosing how this spending will be allocated. as to the congress being out of town for the next few days, as long as they are back on every

28, i think we will be fine. >> senator schumer from new york predicted that the gop will join the democrats in closing the loopholes in making spending cuts. >> i think that democrats have the high ground, especially politically, and i believe just like on the fiscal cliff, republicans will come on board. they have no choice in what you say? >> well, senator schumer has a little bit off..3 he's right that we want to close the loopholes. but we want to bring certainty into the economy, particularly to the private sector. we want tax reform. what he's really talking about is closing loopholes so that our kantian president can spend more. [talking over each other] gerri: so what he's saying is that the gop will bend over once again and what the democrats

want. do you agree? will they be forced with president wants? >> they will be forced to do so if they don't get the story straight and explain to the people while the president is sending us on an uncertain path of out-of-control spending, weakening the dollar. the gop needs to do is explain in context whites making these moves and connect with the american people and how it affects them on a daily basis. gerri: there is a truncation problem. that is for sure. what has been the cost to the economy of what has gone on in washington are they don't talk to leaders in congress, they don't talk to the president. what is it costing the economy? >> there is a looming fiscal cliff every other week. i think that deferred investment adjusts consumer confidence in a bad way.

gerri: can you quantify it in some way? is in their way of saying, oh, the hit has been 1% of gdp, 2% of gdp. >> mav one or two. one or two percentage points difference. but as long as the president doesn't agree on basically a bunch of tax cuts, this may be the best option. the on the way forward is so hard to see here. it is one fight after another. we will be doing this all year long, and i have to tell you that the american people have precious little patience for it. no, they just don't want to hear it anymore. where does this all week? >> it means that the gop really have to explain and get its ducks in a row. i don't think a lot of people really understand what sequestration means, what the

fiscal cliff means, and everything else and how this will affect them. right now, the president has the higher ground. the crisis and how it affects them, the gop needs to it explain that it is hurting i'm. gerri: people don't understand, it hasn't been a lot of talking about it. okay, head start will be decimated, at the fda inspections, a thing of the past, national health institute project will be done. what do you think? >> they are overplaying their hand. we face a sequester situation and these cuts are up to the agency. trust me, he's trying to make it as bad as possible to make republicans look bad guys. >> i agree with that. but i do think that that means that politically he will have the upper hand a month from now. gerri: gives him a little power, it's a leverage tool.

thank you both for coming on tonight. we really appreciate your help. >> reason our commander-in-chief is on vacation and it is presidents' day. it was put on george washington's birthday to honor presidents. this list of tonight's top five. number five, george washington with 10% of the vote. john f. kennedy is number two, and number three is bill clinton. number two is abraham lincoln, 14% of america think that he was the greatest president, which could be reason for the huge success of the steven spielberg film. the number one greatest president is ronald reagan.

almost one in five americans think the hero of the republican party is ronald reagan. i agree with that. he scores yet again. that man is always popular. a lot more still to come this hour, including the latest on another huge tax from obamacare that you never saw coming. i will break down how out of touch this president has when it comes to our economy. don't go away. [ lorenzo ] i'm lorenzo.

i work for 47 different companies. well, technically i work for one. that company, the united states postal service®

works for thousands of home businesses. because at usps.com® you can pay, print and have your packages picked up for free. i can even drop off free boxes. i wear a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small. gerri: one of the many problems come the one i'm thinking of today, the problem with the mainstream media is getting tired of stories and more and move on. take unemployment. this has been the worst recovery jobs on record. the media just can't get all

that interested in. usa today ran a story saying that private sector employment topped its prerecession high if housing related industries are taken out exclusively. that's nice, but you can do that because housing is the big kahuna of job creation. you have to include it. that is why want to talk about jobs today. we can't ignore it. the number of jobs in this country has fallen from 139 million at the peak of the labor market in november 2007, 20,133,000,000 today. a drop of nearly 6.5 million jobs from the peak. for 2.5% if you include those that are working part-time because they can't find full-time jobs. the 10 million who are marginally attached to the workforce. signs of distress are everywhere. more people are on food stamps. 15% of the total population. another record that we don't want to talk about. the millions of americans who

are collecting social security checks to compensate for disability. 11 million people. these are shocking statistics that should have all of our attention. it should have congress up in arms. but instead, we have accepted it. it's like that embarrassing uncle that nobody wants to claim. and it's pretty easy to hide the problem. unlike the great depression, there are no long lines to get the media's attention and lead the nightly news. it goes unremarked. another able-bodied worker, that's just the way it goes. but it shouldn't be acceptable to the nation that can boast the biggest economy in the world. the president talked about how the growing middle class is essential for a growing economy. but the truth is, it works the other way. we have to have a growing economy to get a rising middle class area that will mean less regulation, lower taxes, and an attitude towards business. large and small, that is encouraging, not discouraging.

that is what i think. coming up, a double standard for president obama as he continues to reward his friends. we will tell you about the multibillion-dollar tax that he passed on to you courtesy of obamacare. we have the details next what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping;

and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. see your doctor, and for a 30-day free trial, go to axiron.com. we all work remotely so this is a big deal, our first full team gathering! i wanted to call on a few people. ashley, ashley marshall... here. since we're often all on the move, ashley suggested we use fedex office to hold pacges for us. great job. [ applause ] thank you.

and on a protocol note, i'd like to talk to tim hill about his tendency to use all caps in emails. [ shouting ] oh i'm sorry guys. ah sometimes the caps lock gets stuck on my keyboard. hey do you wanna get a drink later? [ male announcer ] hold packages at any fedex office location. gerri: another consequence of obamacare. details of this affect your entire family in 60 seconds.

her. gerri: earlier this month we told you how baltimore could be going bust. his major reforms are not enacted, the city could be headed for ruin. what did they do? the mayor had the city spent $585,000 for a consultant from

philadelphia to confirm that baltimore is struggling financial. because apparently they don't know it themselves. the finance department apparently lacked manpower to complete a study, and now that it is complete, they are hiring others to implement the findings. get ready for obamacare's most overlooked whopper. as a brand-new tax cost over $100 billion. liz macdonald is here with more. >> this really surprised me. health reform, it seems like taxes keep popping up every day as we read what is in the bill. i found this one really surprising. what is happening is health reform has enacted a new excise tax on health insurers. for the health insurance premiums and health insurance having to pay the excise tax back to the us government. here's what it's going to cost. it will get passed on to

consumers and businesses. so the average american family, they are going to sue their health insurance premiums rise by about $7200 over that 10 year period. were $720 per year. >> it's really interesting is for the first time that i have seen, this is a group that ballparks these tax bills, both of these government groups said the insurance industry will pass this cost on to consumers and businesses. premiums could go up as much as 2.5% per year. and i thought, who will get hit the hardest? if you look at this map, california, new york, minnesota, pennsylvania, ohio, florida on the list, texas on the list. this is where a lot of small businesses are, this is where the health insurance premiums are sold into these markets, and we do have two congressmen.

they have reintroduced the bipartisan bill to repeal the sales tax that health insurers will have to pay. gerri: here is what i don't understand. we were promised at a premiums would go up, we would keep our doctor, and that's not true, we may lose our doctor have to be satisfied with the nurse practitioner. why did we not know about this before? >> when i read this bill in this section, we see what is going on, when you listen to industry groups and the health insurance industry, they have been saying that this is the excise tax that we're going to get hit with. and he put it together and you see the cbo and joint committee saying, yes, they are going to pass on us. then you have to say to

yourself, to the congress know about it when they wrote the law? >> did they know the consequence that would get passed on. in my mind, i would have to say yes. because they have been trying to work on this before the clinton administration. it's the one they have been talking about this forever. >> after a while, people find out. >> let me just be clear. this tax is getting passed along, you're not going to see it as a tax. you're going to see it in your health insurance premiums going up. gerri: liz macdonald, thank you so much for coming on tonight. very important story and you did a great job. >> coming up next, gas prices have risen almost every day this year. facebook making headlines. this time for what the company didn't do instead of what it did. coming up after the break.

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now! gerri: gas prices rising rapidly for 32 days straight. jumping 13% and many on the west coast feeling at the worst. los angeles is seeing gas prices past $5 per gallon. the president and chief analyst at omni trading academy joins us now. oscar, why are these prices so high? >> the factors that we like to look at the most are the technical factors. using technical analysis. the grass to look at what has happened in the past engage what could happen in the future. what's interesting about this gasoline futures market is that if you look back over the past

two years, reading into my terminator 2011, gas market shot up from 210 all the way to 348. in 2000 welcome once again the gas prices shoot up again. right now, the futures market is trading much lower than not. i noticed trading up higher than not, it is pushing for dollars higher at the pump in most places. gerri: this is the worst possible time for consumers. we had the effects of higher taxes, folks are facing a terrible jobs market, so many things coming down at one time. you say it's only going to get worse? >> what was seen in the gas market, the oil market itself, does have a seasonal tendency to rally for the next few weeks.

i don't think we conduct it. a lot of times, you will get the price going up a little higher, it uses the prices even further, you will start to hear from iran, and that will probably boost the season more. you have the technical picture. short-term we do need to expect higher prices. gerri: we see these rising prices. does this make us more affordable to problems at refineries? laster besought fires. >> last year we saw fires. but we are really starting to look good as a nation that produces oil and will be

producing it. as time goes by, it is going to be a real benefit in our country, the price of gas and crude oil and especially natural gas. but that is in the future. gerri: well, oscar, i wish you had better news to deliver, but thank you so much. >> my pleasure. gerri: obama has about time and again to end the tax breaks, but here is a dose of reality for you. $10 million was earned last quarter by the oil giant. for 2012, exxon mobil earned $45 billion and paid $102 billion. the tax rate is 31.4%. it doesn't sound like a free ride to me. but that is a monster company out there that has over a billion dollars in profits.

they didn't pay a dime in federal or state taxes last year, and it is not an oil company. its it's facebook. not only did they not panicking, they are actually getting a refund of around $420 million. all because of a loophole which let companies treat stock options like cash but it seems like the president has a double standard. we'll companies are bad, tech companies helping them host a town hall, well, that's all good. but now we want to know what you think. log on the brakes. >> you can vote on our facebook page. should facebook pay for new taxes? gerri: moving on with apple and

the iphone. using the new iphone is in store for us? our expert is going to talk to us. >> well, what apple has done -- what they have traditionally done is if you look at the ipod, there was an original model, and then they were eventually up to four. apple has had multiple models made. it makes it available to people who are new to the platform, expand the platform, hopefully part of the business practices to try to upsell them late on. gerri: to avoid being absorbed, the most recent ipod that i bought is refurbished from apple. >> that is just fine. i am still perfectly happy with and i've talked to.

it's great if you can find a refurbished. gerri: "a-team", the apple ceo, he is acting with david einhorn. they could become what he would like to have apple do is have a perpetual preferred stock. apple said, well, no, this provision prevents apple from doing this. apple said, no, that's not the case. we suggest that the shareholders vote for it. however, he has said that he wouud like to study the proposal. we think it is novel. he is interested in it. gerri: don't they use this money for innovation?

speaking of which, tim cook, the face of innovation, is there any reason to worry about this? >> i do not think so. they know how to manage things really well. the most important thing for apple is consumer experience. whatever works, they will do. they can't do it and guarantee the user experience. gerri: i think it's interesting to watch this company to try to innovate something called i watched. >> well, tim cook dropped hints last summer. he was wearing a nike device, i

think he was dropping a hint that a lot of people overlook the. gerri: the bandit you are talking about has to do with exercise. but he is talking about the watch could have other options? >> exactly, they have experimented with nike and for instance a dead -- i forget what it was, but a device are connected to an ipad and such for tracking exercise. there's no reason you can't do that now. who knows, it could be interesting to me on i am sure that there is more to come. it's so good to see you. thank you. when we come back, the bonds that you are holding onto. and is it worth it for the united states to keep making pennies? the analysis is coming up next.

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gerri: is it time to pull the plug on pennies? it is no secret that minting the corn cost a pretty penny. more than to cost them $120 million to produce this $50 million in currency. president obama weighing in on this with his two sons during the google hangout chat last week. >> this is not going to be huge savings for government. but anytime we are spending more money on something that people don't actually use, that is an example of something we should probably change. gerri: joining me now to make sense of this is just corps and jeff. tell us what you think? >> thank you for inviting me to the show. the penny doesn't serve its purpose anymore. now, it just doesn't have what

it did back in the 40s. which back then, you could have 16 times more of the purchasing power than what it does today. gerri: doesn't mean the round all costs up by a nickel? >> no, the reform proposal ran into the nearest nickel, half the time the prices go down and other times it goes out. it would neither save the consumer nor the shopkeeper. gerri: if it is important, why have we not done that already? are there people who love the penny and don't want to see it go anywhere? >> well, i think that there is just a natural sense that if something is not really broken, then there is no point in going to fix it. especially given all of the arguments that we are having. saving money in ways that are not going to hurt anyone. >> a bunch of countries have voted dropped their version of the penny. can you tell me about that?

>> you're probably referring to canada. the system is quite similar to ours. they are no longer going to be using that coin, they are just rounding the nurse and. gerri: i know that there are many who depend on pennies when they are trying to raise money for their causes. this will not be good for them. what is it that? >> i think important thing to remember is that we can really collect money in many different ways we don't have these pennies, we could use nickels and dimes. we will be able to collect your nickels and we weren't pennies. one well, i don't know. many will say, what about the piggy bank and those trying to save money. you take away an incentive when you take away the penny. >> i think that we can save money in many different ways. just because we have that coin, it doesn't mean that it's something that we should actually be using.

we used to have a halfpenny, but we retired in 1857 because it wasn't worth using. a very similar statement can be made about the penny today. >> are going to start with the penny and two years later, back to the nickel and having everything. >> i think that we should waste of the things that are totally obvious, that includes the penny. over time, this has lost more value. given that used to be worth 16 cents more than today, you could make an argument. but we should stick with what is obvious. gerri: thank you for coming on. you guys from mit are very smart. >> thank you for having me. gerri: still to come, i "two cents more" on hypocrisy in washington. and cheaper bonds with interest rates set to rise. what it means for you on investors out there. we have the answers next [ rosa ] i'm rosa and i quit smoking with chantix.

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gerri: a fox business alert for you now. "the wall street journal" reporting officemax and office depot could be ready to merge. terms of the deal are not being released, but it will be a stock-for-stock transaction and an announcement could come as early as this week. meanwhile, bondholders beware. interest rates heading higher. take a look at the 10 year treasury yields. higher interest rates, bond prices will fall, and here with advice for fixed income investors, and should we be. so let's talk about what investors should do, warning about the risk of bonds. when you make of that? >> two types of people. people that own bonds currently in people that don't own bonds currently. focusing on the folks that have bonds right now. what you need to remember is,

people that own yields have been suffering from long time. the feds are buying 40 billion plus dollars worth of bonds every single month. they're holding up the market. a lot of this dinner about bond prices coming down, i just doubt that's going to happen anytime soon. but what you need to start thinking about it here baumholder is start to roll out of your bonds and into something like an emerging market still investing and sob and in sovereign debt. is not the sovereign debt of the u.s. power shares, etf, it's fantastic. what it does is provide you with yields around 4% right now. you don't have to worry about complex transfers, that is one way to sort allocate yourself

out of u.s. bonds. i don't think this is going to happen soon. i think that it will be interesting. they are participating in such a big way, i don't see yields skyrocketing anytime soon. the one tell us about berkeley's 20 year treasury bond. >> okay, here is the deal with that. if you are an investor that currently wants to own bonds and protect yourself against the drawdown or a spike in yields, you buy this. your financial advisor can talk to about this. it can help hedge against rising interest rates. >> jpmorgan in the emerging markets bond, local currency bonds.

body like them? >> they are both sort of the same thing that we talked about earlier. like the power shares, invest -- instead of buying in u.s. dollars, you are buying in foreign currency. if you felt that the u.s. dollars were just going to fall out and let's just say that maybe the euro were other emerging markets like that, that would be an etf that he would favor. again, all three of those providing you a little bit of a hedge against the dip in u.s. bonds beyond you say that they don't need such heavy scrutiny. why is that? >> i think as they stick their nose in the market business, levels of regulation that we had over the years, it is a reason why become so popular.

a dark pool is a place where traders who have a lot of money can go to extremes shows with one another. if you had a million shares of apple that you wanted to sell, you might call me and say, how much are you willing to buy my million apple shares were. and i would say, oh, $460. we would trade it off the market. welcome to the sec -- they are now looking into these dark dark pools pool to see if they are influencing the market and traders are using or selling power in the open market to influence this. but the bottom line is that we do not need more regulation. the more you met with markets, the more regulations that you put on the markets, it's just the way markets work. we need to step back and let them be, if you will. >> i am not surprised by that. i have to talia. what do you make of the

large-cap stocks right now? we keep flirting back and forth. who do you see that going to? >> well, couple of things. if you look at volume, it's been dissipating. s&p 500, the volume has been falling off. traders are getting a little bit weary and not as the first line. the second thing that you have a market that is overbought. the chances of the market making move is less than 2%. what that means to an advertisement trader is it needs to come back around 1420, the s&p 500 has. i wrote about this and if it comes down, the long-term still

looks good. the confidence is still there. it is still strong. the small-cap stocks, is tell tells me that people are confident. that makes me think long-term changes are due. if you are an investor, i'm still buying new. gerri: jerry, thank you so much. i appreciate your time. on a stay in usiness history was a sad day for nascar fans back in 2001. legendary driver dale earnhardt was killed at the daytona 500. he collided with another car, crashing into a wall. he had the nickname the intimidator. when a 56 races over the course of his career, he tied for the most all-time wins with richard

petty. even after his death, the fans stayed loyal to him. in 2003 until 2010, his merchandise generated millions of dollars. he died this day 12 years ago. this year, there will be a female driver at the daytona 500. danica patrick. thirty-seven male drivers failed to beat her. we will be right back with my "two cents more". should they spoke pay no taxes